Liquidator Coffs Harbour

Business debt can come about very easily. A few slow months and all of a sudden the debt is a long way beyond the reach of the company owner. If you have company debts that are out of control then give us a call. At liquidators-coffsharbour we are business debt specialists. For a completely free consultation call Liquidators Coffs Harbour on 1300 795 575.

If my business is in trouble should I get in touch with a liquidator?

Usually when a business owner finds him or herself in an unworkable financial position they are advised by either their bookkeeper, their solicitor or even their friends to contact a Liquidator and place the company into liquidation. Be very careful about this, we have learned here at Liquidators Coffs Harbour that simply because you are paying the liquidator they will look after your best interests and help you to get back on your feet. BUT THIS IS CERTAINLY NOT THE CASE!

Liquidators Coffs Harbour are on your side …

Although, administrators and receivers are usually nice people, their obligation, once they are appointed, is to your creditors (people you owe money to) and to the courts. They are to collect as much money as possible from the liquidated business to pay off these creditors. That’s it. If for one second you feel they will look after your best interests, you are sadly misguided.

Once you have signed those papers to appoint the Liquidators to your company, that is it! You no longer have any say over the company. The liquidator will do whatever they feel is in the best interests of the creditors and, guess what, in many cases you have just paid for the death of your own business.

One Business Owner’s Story …

I knew I was in strife when the bank wouldn’t lend me any more against the farm. This home has been in the family for years and the thought of losing it was too much. I called my financial advisor and my bookkeeper, and they both advised me to go and see Liquidators Coffs Harbour which I didn’t do of course. I found this other liquidation firm and they said that’s the only way out. I knew I had significant debt, but it just seemed like I had no alternative. My accountant said that because I am paying for the liquidator and that it was going to be a voluntary liquidation that I would be looked after. WRONG!

I found some Liquidators, they seemed professional and capable and they said they would help me as much as they could to work through my money issues. I had no idea what was about to happen. They seemed to comprehend my predicament; I had some cash coming in and a sale of some equipment going through.
The minute I signed the paperwork the liquidators asked for the keys and that was it. Everything was taken out of my hands, the sale of the equipment was totally taken over, the money I had coming in was gone, they took over every single thing; it was all gone. The next day my savings account were frozen and what I thought was going to be a beneficial situation turned out to be my worst nightmare. I lost everything!

What is the best strategy if my business is in difficulty?

There is a trick to handling this situation: PREPARATION. There is quite a lot you can do to ready yourself before you surrender the control of your business call Liquidators Coffs Harbour and we will help you guide through the mine field that it can be. In fact, most of the stress and anxiety can be dealt with in a way that will work for you, not against you. This sounds easy but in fact there is an enormous amount of regulation and many rules in place surrounding this process, getting the right advice from Liquidators Coffs Harbour is always a safe option. If you are unsure what you should do and just need some guidance, simply give us a call on 1300 795 575.Liquidators Coffs Harbour specialises in pre-liquidation strategies.

What if someone else is winding up my company?

If someone is winding up your company like the ATO or a creditor, they will have a liquidator appointed by the courts. You do have some options here, and there is lots you must know and do to protect yourself feel free to call us for a free consultation here at Liquidators Coffs Harbour. The key here is to get some advice, and involve us as soon as you can in this process. It is that simple. Normally you will receive a notice in the mail or a court order, and if you have one of these give us a call because the longer you ignore this the fewer options you have. Call us at 1300 795 575.

Can I continue to run a business if I have been the director of a company that has been liquidated?

Yes, you can continue to run a business. No, you can not still be the director of the company. This is one of the most typical questions we are asked. Of course there are regulations that need to be adhered to, and you need to ensure you structure things the right way moving forward. Liquidation does not need to be the end of your business life, as so many people think it is. We can help you do this and reconstruct a new life after liquidation. There are choices, but in most cases people simply don’t know what they are. At Liquidators Coffs Harbour we can explain your options and help you achieve your objectives

What do I need to do?

Be prepared. Liquidators don’t work for you no matter how much you pay them. Your creditors don’t work for you no matter how much of their bill you pay them. Your friends love you but usually have no thought what they are recommending to you. They’ve most likely heard that if you want to begin again you need to get rid of the company through a liquidator, and it is an easy assumption to make that if you pay a Liquidators they will work for you. Understand, THIS IS NOT THE CASE! WE WORK FOR YOU– no one else does. You are our client and we are only interested in getting the result you want. For a free consultation call Liquidators Coffs Harbour 1300 795 575.

What do we do?

At Liquidators Coffs Harbour we help you work through your choices. We then help you take the suitable action. Then we work toward getting the best possible outcome for you and protecting whatever we can. We communicate the right way with your creditors, and resolve the situation call us now at Liquidators Coffs Harbour on 1300 795 575.

What If I have received a notice from the Australian Tax Office ?

If you have received one of these notices DO NOT ALLOW THEM LAPSE. Contact us as early as you receive them and we will help you work through the procedures readily available to obtain the most ideal and optimal outcome for you. Once we have done an evaluation of the business and the situation we propose an action plan, then it is your decision whether you go ahead from there. Phone Bankruptcy Experts Coffs Harbour for a free consultation today at 1300 795 575.

ATO – DIRECTOR’S PENALTY NOTICE

Directors Beware

What is critically important is that every business owner understands these changes and the serious nature of them and how they will impact you and your business. If you have a tax debt then you may be issued with a Director Penalty Notice by the Australian Tax Office.

What does it mean if I get a Director’s Penalty Notice?

The objective of a Director Penalty Notice is to make directors liable for their company’s unpaid ATO debt. As a director, you will no longer be able to avoid personal liability for a PAYG ATO debt, which comes with a Director Penalty Notice, if the following applies:

Your debt is older than 3 months and or your debt was not reported to the ATO within three months of the due date.

As a director, you may also be liable for your company’s unpaid superannuation liability when you receive a penalty.

Directors, and associates of directors, may now also be liable for a new personal income tax liability. This will make directors and their associates potentially liable for a company’s unpaid PAYG withholding liability.

Do I have any alternatives?

Yes. If your company has an ATO debt or you have received a Director Penalty Notice, it is vital that you find qualified guidance, as we have various options you may want to look at. Simply call us on 1300 795 575.

What if I ignore the notice?

There may be substantial consequences for not following the ATO’s notice; this can include losing personal assets like vehicles, property or shares, and personal bankruptcy for the company’s debts. Simply puts, the Australian Tax Office will personally bankrupt you.

STATUTORY DEMANDS.

What is a Statutory Demand?

A Statutory Demand is a demand made under 459E of the Corporations Act. This document is not issued by the Court. A Statutory Demand necessitates that the Debtor Company pay a specified sum of money within 21 days from the date of the delivery of the demand on the Debtor Company.

If the debt is challenged or if there are oddities in the document, the company should immediately secure independent legal advice and apply to the Court to set the demand aside on the grounds that the debt, then the subject of the Statutory Demand is definitely contested. This application MUST be made within 21 days.

What if the Statutory Demand expires unsatisfied?

Section 95(A) of the Corporations Act provides that a company is solvent if it is able to pay its debts as and when they fall due. Accordingly, the test as to whether or not a company is insolvent is that it is unable to pay its debts as and when they fall due.

Under Section 459C of the Act, the company is presumed to be insolvent if a company has failed to comply with a Statutory Demand. Then, the delivery to a Debtor Company and non-compliance with the Statutory Demand will provide “proof,” which is sufficient for a creditor to apply to the Court for the appointment of a liquidator to the company.

Can the Statutory Demand just turn up in the post?

Yes, it could be delivered in person or simply turn up in the mail as registered post.

WINDING UP NOTICE.

What is a Wind-Up Notice?

A wind-up notice usually follows a Statutory Demand. If a company is unable to pay its debts then the Court has the power to wind it up and appoint a liquidator whose responsibility it is to turn the assets into cash and distribute the cash in the order set out in the Corporations Act. In short, this notice is basically a letter informing you that on a specific date a liquidator will be appointed by the courts to take control of your company if you can’t pay the debt.

Who can send me a Wind-Up Notice?

The creditor who obtains the appointment of the liquidator and the liquidator take priority in regard to their costs as do a number of employee entitlements. The rest is distributed equally between unsecured creditors.

Will I be personally accountable for my company’s debt?

No. The liquidation of a company does not automatically mean the director will be made bankrupt; however, the process of winding up a company resembles the process of having a person declared bankrupt. Having said that, the ATO can serve a Director’s Penalty Notice any time, so it’s best to act immediately. For a free consultation phone us on 1300 795 575.

What happens if I can not pay the debt within the 21 Days?

A liquidator will be appointed and you will no longer be the director of your company. The court will appoint a liquidator who then assumes full control of your company. All of the customers, cheque accounts, assets, cash, money that’s owed to the business and your shop are no longer yours. Simply put, it’s over. The business you have built for many years is no longer yours. All of the assets will be sold, your business, shop or factory will be taken over by the liquidator (they will even re-key the locks) and your services are no longer called for. Every aspect of your company will now be under the management of the liquidator.

Do I have any options preceding the liquidators taking control of my company?

Yes. We offer a free initial consultation to help you work through this problem. Our team of experts can spare you massive heartache. You must act immediately! Calling us the day before the liquidator turns up is futile. Call Bankruptcy Experts Coffs Harbour today on 1300 795 575.

Do I have any options once the liquidators have arrived?

No. The company is no longer in your control.

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About Us

We have been aiding people and companies file for bankruptcy in Coffs Harbour for years. If you would like a cost-free consultation, simply give us a ring on 1300 795 575. We are really competitively priced, offering a complete bankruptcy service from $495 for the entire 3 years you are bankrupt.

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Generally the sooner you act the more help we can be to you. For a No Obligation, Free Consultation call 1300 795 575. We are here to help when you need us most.